Dubai: Petrol prices in the UAE are expected to decline in April as global oil prices have dropped this month. The average price of Brent crude fell from $75 in February to $70.93 in March, raising expectations for a reduction in UAE petrol prices. The revised prices for April will be announced in the coming days, as the UAE government typically updates fuel prices on the last day of each month.
In March, fuel prices were set at 2.73 dirhams per liter for Super 98, 2.61 dirhams for Special 95, and 2.54 dirhams for E-Plus. On Friday's opening trade, Brent crude stood at $74.11 per barrel, while WTI was priced at $70.01 per barrel.
Market analyst Joseph Dahri from Tickmill noted that concerns over the economic impact of US tariffs on countries purchasing Venezuelan oil and increasing trade tensions could weaken global demand. He added that if the market overcomes uncertainties, crude oil price volatility could increase.
Changes in OPEC+ crude oil production may also influence the market, with the organization expected to increase production, potentially impacting oil prices. Despite recent declines, oil prices have rebounded over the past two weeks due to growing geopolitical tensions.
George Powell, general manager of Naga.com Middle East, attributed the increase in oil prices to rising tensions in the region. He highlighted the impact of US military strikes against Houthi rebels in the Red Sea and ongoing Israeli attacks on Gaza. If peace talks progress and geopolitical conflicts stabilize, the market could experience further price shifts.
Additionally, the US government's decision to impose new tariffs on Venezuelan oil buyers from April 2, 2025, has added uncertainty to global oil markets. Combined with existing sanctions on Russian and Iranian oil producers, this policy shift has raised concerns among traders.
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